South America flat steel import prices rise further, all above $1,000/tonne

Import prices for flat-rolled steel in South America increased once again in the week ended Friday May 14, with all products above $1,000 per tonne - some for the first time ever - on significantly higher offers from all origins.

Despite an export tax rebate in China being cut only for heavy plate, hot-rolled coil and pre-painted across the flat steel space, the effect was spilling over through the whole value chain. Strong domestic steel demand in China was also boosting prices.
While clients in Brazil adopted a wait-and-see stance due to higher prices and mounting stocks, demand from the Pacific coast seemed to remain firm on concerns that offers could climb further.
"In some cases, you receive an offer and the next day it is already higher," one Brazil-based trader said. "On the other hand, Chinese prices seemed to ease up by the end of the week."
Fastmarkets assessed steel plate import, cfr main ports South America at $1,000-1,080 per tonne on Friday, a $30-90 increase from $970-990 per tonne on May 7.

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